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Oil market settled lower on profit-takingWorries about supply are further supported by a 7.5 million barrels draw in US commercial crude inventory last week, data from the EIA showed. |
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International benchmarks for crude oil ended the trading session on Wednesday, 29 March 2023 lower, with Brent crude losing 37 cents or 0.5% to $78.28/barrel and West Texas Intermediate dipping 23 cents or 0.3% to $72.97/barrel.
Industry sources attributed the reductions to profit-taking activities among oil traders following three back-to-back bouts of price gains.
Supply issues persevered as Kurdistan oil exports halted, coupled with a menial output cut in Russia raising concerns. Worries about supply are further supported by a 7.5 million barrels draw in US commercial crude inventory last week, data from the EIA showed.
